Ninebot's (SHSE:689009) Returns On Capital Are Heading Higher
Ninebot's (SHSE:689009) Returns On Capital Are Heading Higher
What trends should we look for it we want to identify stocks that can multiply in value over the long term? Typically, we'll want to notice a trend of growing return on capital employed (ROCE) and alongside that, an expanding base of capital employed. If you see this, it typically means it's a company with a great business model and plenty of profitable reinvestment opportunities. So on that note, Ninebot (SHSE:689009) looks quite promising in regards to its trends of return on capital.
如果我們想要找到能在長期內倍增價值的股票,應該關注哪些趨勢呢?通常情況下,我們希望看到回報資本(ROCE)不斷增長的趨勢,並伴隨着資本創造的擴大。如果你看到這一點,通常意味着這是一傢俱有出色商業模式和豐富的盈利再投資機會的公司。所以從這個角度來看,Ninebot (SHSE:689009) 在回報資本的趨勢上看起來非常有前景。
Return On Capital Employed (ROCE): What Is It?
資本僱用回報率(ROCE)是什麼?
For those who don't know, ROCE is a measure of a company's yearly pre-tax profit (its return), relative to the capital employed in the business. To calculate this metric for Ninebot, this is the formula:
對於那些不了解的人來說,ROCE是衡量一家公司年度稅前利潤(回報)與企業投入資本之間關係的指標。要計算Ninebot的ROCE,可以使用以下公式:
Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities)
資產僱用回報率(ROCE)是指企業利潤,即企業稅前利潤除以企業投入的總資本(負債加股權)。如果ROCE高於企業財務成本的承受能力,那麼企業就會創造出更多的價值。
0.14 = CN¥839m ÷ (CN¥13b - CN¥7.2b) (Based on the trailing twelve months to June 2024).
0.14 = CN¥83900萬 ÷ (CN¥130億 - CN¥7.2億)(基於2024年6月的過去十二個月)。
Therefore, Ninebot has an ROCE of 14%. On its own, that's a standard return, however it's much better than the 4.6% generated by the Auto industry.
因此,Ninebot的ROCE爲14%。單獨看來,這是一個標準的回報,但相比汽車行業的4.6%,它要好得多。
![1725235883751](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240902/43159295-0-359715342bb20170fced30fa1e7ef00d.webp/bigjpg)
In the above chart we have measured Ninebot's prior ROCE against its prior performance, but the future is arguably more important. If you'd like, you can check out the forecasts from the analysts covering Ninebot for free.
在上面的圖表中,我們已經測量了九號機器人的以往ROCE與其以往的表現,但未來可能更爲重要。如果您願意,可以免費查看覆蓋九號機器人的分析師的預測。
What The Trend Of ROCE Can Tell Us
儘管如此,當我們看 enphase energy (納斯達克股票代碼:ENPH) 的時候,它似乎並沒有完全符合這些要求。
Ninebot has recently broken into profitability so their prior investments seem to be paying off. Shareholders would no doubt be pleased with this because the business was loss-making four years ago but is is now generating 14% on its capital. And unsurprisingly, like most companies trying to break into the black, Ninebot is utilizing 148% more capital than it was four years ago. We like this trend, because it tells us the company has profitable reinvestment opportunities available to it, and if it continues going forward that can lead to a multi-bagger performance.
九號機器人最近實現了盈利,所以他們以前的投資似乎是值得的。股東們無疑會對此感到高興,因爲這家企業四年前還虧損,現在卻能夠獲得14%的資本回報率。毫不奇怪,與四年前相比,九號機器人目前的資本利用率增加了148%。我們喜歡這種趨勢,因爲它告訴我們這家公司有盈利的再投資機會,並且如果繼續下去,這將會帶來多倍的業績。
On a separate but related note, it's important to know that Ninebot has a current liabilities to total assets ratio of 55%, which we'd consider pretty high. This can bring about some risks because the company is basically operating with a rather large reliance on its suppliers or other sorts of short-term creditors. While it's not necessarily a bad thing, it can be beneficial if this ratio is lower.
另外需要知道的是,九號機器人的流動負債佔總資產的比率爲55%,我們認爲這是相當高的。這可能帶來一些風險,因爲公司基本上是依賴供應商或其他短期債權人。雖然這並不一定是一件壞事,但如果這個比率較低,則可能更有益處。
The Key Takeaway
重要提示
To the delight of most shareholders, Ninebot has now broken into profitability. Given the stock has declined 44% in the last three years, this could be a good investment if the valuation and other metrics are also appealing. That being the case, research into the company's current valuation metrics and future prospects seems fitting.
令大多數股東高興的是,九號機器人現在已經盈利。考慮到該股票在過去三年下跌了44%,如果估值和其他指標也具有吸引力的話,這可能是一個不錯的投資選擇。在這種情況下,對公司的當前估值指標和未來前景進行研究是合適的。
On a separate note, we've found 1 warning sign for Ninebot you'll probably want to know about.
另外,我們發現了九號平衡車的一個警告信號,您可能想知道。
For those who like to invest in solid companies, check out this free list of companies with solid balance sheets and high returns on equity.
Hao Tian International Construction Investment Group確實存在一些風險,我們已經發現了一條警示標誌,你可能會感興趣。對於那些喜歡投資於實力雄厚的公司的人,可以查看這個由財務狀況強大、股本回報率高的公司組成的免費列表。
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